The pace of innovation in the UK has also increased, with patent filings from the UK up 7.8%.

Paul Chapman, a Partner at Marks & Clerk, commented on the report and its findings: “Ever longer lifespans and the healthcare challenges they bring are leading to significant innovation in the fields of pharmacology and biotech."

"Alongside this, new technologies such as AI are aiding drug discovery and facilitating ever greater levels of innovation. The latest figures from the EPO reveal impressive growth in these fields, with applications from the UK alone up more than a fifth."

“Innovation in these fields promises novel solutions to some of the most pressing health challenges of our time ... and also the emergence of new, world beating companies. It is vital that this innovation is protected and the research underpinning it incentivised with strong intellectual property protection."